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Why Engaging a Property Valuer to Provide Pre-Purchase Advice Can Save You Thousands of Dollars! 

Most private clients engage Local Valuers to conduct pre-sale or pre-purchase valuations. A pre-purchase valuation gives you, as a potential buyer, an unbiased estimate of the value of a property before you commit to buying.

This type of valuation is crucial if you are planning to make a cash offer for a property or to buy at an auction

One of the most common clauses within a property contract is the finance clause. Simply put, this clause states that the buyer will proceed to purchase the property subject to securing finance, generally in the form of a bank mortgage.

When an offer is made on a property subject to finance, the bank will get an independent valuation done to support the borrowed amount. The bank may refuse finance if the valuation does not match the amount sought for finance, and the contract can be voided.

However, when a purchaser does not seek finance, such as in the case of a cash offer, this clause is omitted, and the sale becomes unconditional and must proceed as soon as the vendor accepts the request and the contracts are signed.

In addition, there is no cooling-off period when buying a property under an auctioneer’s hammer. If you are the successful bidder at an auction, you are obligated to settle the contract and proceed with the purchase even if you have bid more than you can afford, the house fails building and pest inspections, or you change your mind.

A pre-purchase valuation will provide the information needed to decide whether to proceed with a cash offer or bid at auction.

If you, as the purchaser, are certain of the true value of the property as well as being aware of any inherent risks associated with the purchase, you will be able to enter into a purchase contract with complete peace of mind, and it can potentially save you a significant amount of money. 

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